How to Set Up a Cyprus Bank Account as a Company Director (2026)
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Cyprus is home to thousands of registered companies, many with international shareholders and directors who are non-resident. If you are a director of a Cyprus-registered company, you will almost certainly need a business bank account — and possibly a personal account too.
Personal Account vs Business Account
First, clarify what you need:
Personal account — for your salary, dividends from the company, and personal expenses. You can open this at any bank regardless of your company.
Business/corporate account — for company revenues, expenses, payroll, and business transactions. This must be in the company’s name and is a separate application from your personal account.
Both are often needed. Many company directors have: a personal Revolut or Wise (instant, for personal use) + a personal local bank account (for official personal requirements) + a corporate bank account (for the company).
Corporate Account Requirements
For a Cyprus-registered company business account, you will typically need:
Corporate documents:
- Certificate of Incorporation
- Certificate of Registered Office
- Certificate of Directors and Secretary
- Certificate of Shareholders
- Memorandum and Articles of Association
- Certificate of Good Standing (if company is more than 12 months old)
KYC documents for all directors and shareholders (25%+ ownership):
- Valid passport (original)
- Proof of address (utility bill or bank statement, within 3 months)
- Source of funds / wealth declaration
- Personal bank statements (3–6 months)
Business documentation:
- Business plan or description of activities
- Sample contracts or invoices
- List of main clients/suppliers
- Details of expected transaction volumes and countries
Which Banks Are Best for Cyprus Corporate Accounts?
Bank of Cyprus — the most comprehensive corporate banking offering. Best for larger companies needing full business banking services, overdrafts, trade finance, or letters of credit.
Hellenic Bank — well-suited to medium-sized international companies. Good relationship banking and English-language service.
AstroBank — best for smaller companies and startups. Most accessible to non-resident directors and foreign-owned companies.
Wise Business — excellent for companies dealing internationally. Not a traditional bank but handles multi-currency business transactions efficiently. Good as a supplement to a traditional corporate account.
Timeline for Corporate Account Opening
Corporate accounts take longer than personal accounts:
- Wise Business: 1–3 business days
- AstroBank: 3–6 weeks
- Hellenic Bank: 4–8 weeks
- Bank of Cyprus: 4–10 weeks (more thorough compliance for complex structures)
Complex corporate structures (multiple shareholders, offshore components, high-risk industries) take longer and may require additional documentation.
Non-Resident Directors
Non-resident directors can open corporate accounts in Cyprus, but face additional scrutiny. Banks need to understand:
- Why Cyprus was chosen as the jurisdiction
- The business connection to Cyprus
- The source of funds flowing through the account
- The beneficial owners of the company
Having a Cyprus-registered agent, accountant, or lawyer assist with the corporate account application significantly speeds up the process for non-resident directors.
Practical Advice
- Start Wise Business immediately — get your business operational while the traditional bank application proceeds
- Engage a Cyprus accounting firm to handle the corporate account application — they have existing relationships with banks that accelerate the process
- Prepare a thorough business description — the more clearly you explain what your company does and where money comes from, the smoother the compliance process
- Have personal accounts sorted first — banks are more comfortable opening corporate accounts for directors who already have personal accounts with them
Ready to open your Cyprus bank account?
Revolut is our #1 pick — open in minutes, no branch needed.
